This document provides an operational due diligence report on OPSDATA MANAGER and OPSDATA FUND. It includes summaries of the management company structure and key personnel, assets under management, technology and compliance functions. For the fund, it outlines the corporate structure, terms of investment, service providers, financial reporting and portfolio details. Verification steps taken by the due diligence firm are also noted. The document is an operational due diligence report for a prospective investor in the fund.

1. PREPARED FOR
DEMONSTRATION
Alpha Partners Ltd OpsVerification
OPERATIONAL DUE DILIGENCE
August 2014

3. TABLE OF CONTENTS
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SUMMARY ........................................................................................................................................ 4
OPSDATA MANAGER ...................................................................................................................... 5
MANAGEMENT COMPANY AND AFFILIATES ....................................................................... 6
PRINCIPALS AND KEY PROFESSIONALS ............................................................................. 7
OWNERSHIP............................................................................................................................. 7
ASSETS UNDER MANAGEMENT............................................................................................ 9
HUMAN RESOURCES..............................................................................................................10
INFORMATION TECHNOLOGY ...............................................................................................10
REGULATION AND COMPLIANCE.......................................................................................... 11
OPSDATA FUND...............................................................................................................................12
CORPORATE STRUCTURE......................................................................................................13
CORPORATE GOVERNANCE ..................................................................................................14
TERMS OF INVESTMENT........................................................................................................15
FEES AND EXPENSES .............................................................................................................19
OPSDATA CONTROLS.....................................................................................................................20
ADMINISTRATOR.....................................................................................................................21
PRIME BROKERS, CUSTODIANS AND COUNTERPARTIES ................................................21
TRADING CONTROLS..............................................................................................................21
NET ASSET VALUE CONTROLS .............................................................................................23
OPSDATA FINANCIAL REPORTING ...............................................................................................24
Background Check ..........................................................................................................................32

4. OPSDATA MANAGER
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5. Alpha Partners Ltd OpsVerification OPSDATA MANAGER
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MANAGEMENT COMPANY AND AFFILIATES
Manager name Alpha LP
Affiliate #1 400 Capital Special Situations Fund I LLC
Date of commencement of operations March 1, 2010
Primary location New York City (NY)
Other offices London (UK)
Corporate website Web link
Management Company and Affiliates
Verification
Castle Hall verified the Management Company registration to the
Delaware corporate registry.
Management Company and Affiliates
Verification
The corporate structure as presented in the Form ADV is consistent with
the information presented by the Manager.
CORPORATE STRUCTURE CHART

6. Alpha Partners Ltd OpsVerification OPSDATA MANAGER
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PRINCIPALS AND KEY PROFESSIONALS
Key investment professionals Person 1, CEO, Portfolio Manager
Key operations / back office professionals Person 2, CFO
Person 6, COO
Principals and Key Professionals
Verification
Castle Hall has reviewed the Dow Jones background check completed for
Person 1, CEO/Portfolio Manager together with Person 2, CFO/CCO.
No material items were noted.
Person 1 (CEO, Portfolio Manager): Person 1 founded ABC Asset Management LP. Prior to
founding ABC Asset Management, Person 1 was a research analyst with MSD Capital, in the
Torchlight Group, from 2004 to 2005 having also been a research analyst at Korsant Partners from
2002 to 2004. Person 1 began his career with Goldman Sachs & Co, as an analyst in the investment
banking division from 2000 to 2002. He graduated from the University of Michigan Business School
with a high distinction from its undergraduate program in 2000.
Person 2 (CFO/CCO): Person 2 is a Partner, the Chief Financial Officer and Chief Compliance
Officer of ABC. He was formerly a Partner and the Chief Financial Officer of Latigo Partners, L.P.,
where he also served as the firm’s Chief Operating Officer. Prior to that, he was the Controller at King
Street Capital Management, LLC, where he supported the growth of the firm by building out the
accounting, finance and operations infrastructure from 2001 through 2005. Before joining King
Street, Mr. Person 2 was a senior accountant at American Express Tax & Business Services and a
staff accountant at Loeb & Troper in New York. He graduated with a B.S. in Accounting from CUNY
Brooklyn College.
Person 6 (COO): Person 6 joined ABC in September 2010. Prior to ABC, Samantha was the COO at
Aristeia Capital for five years and has over 18 years of management experience. He is a graduate of
Harvard College (’89) with a B.A. in History & Literature of Latin America with High Honors and
earned her J.D. from Harvard Law School (’92). He is responsible for all operational aspects of the
Firm, including accounting, legal/compliance and administrative functions.
OWNERSHIP
Internal investors Person 1 [50.0%], Person 2 [20.0%]
External investors Beta [30.0%]
External / seed investors See note
Ownership Verification SEC registered investment managers are required to disclose in Form
ADV direct owners with a 5% or more stake and indirect owners with
over 25%. The Manager’s SEC Form ADV part 1A dated August 31,
2013 discloses that Person 1 holds between 50-75% of the firm while
Person 2 has between 10-25% and ABC Holding’s LLC owns between
25-50%. These disclosures are consistent with our understanding of the
firm’s ownership structure.

7. Alpha Partners Ltd OpsVerification OPSDATA MANAGER
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HUMAN RESOURCES
Total headcount 17
Number of investment professionals 10
Number of back office professionals 6
Other employees 1
Human Resources Verification As of August 31, 2013 the Manager’s Form ADV indicated that the firm
has 17 employees.
MANAGEMENT COMPANY ORGANIZATIONAL CHART
INFORMATION TECHNOLOGY
Technology consultant Matsco Solutions Group
Information Technology Verification Castle Hall has not been able to confirm the appointment of the
technology consultant – Matsco Solutions Group. Matsco did not
respond to email requests to confirm their appointment by the date of
issuance of this report.

8. OPSDATA FUND
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9. Alpha Partners Ltd OpsVerification OPSDATA FUND
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CORPORATE STRUCTURE
Domicile Cayman Islands
Date of incorporation February 06, 2010
Type of structure Master/Feeder
Investor concentration report date March 31, 2014
Capital held by largest investor 15.0%
Capital held by 5 largest investors 45.0%
Onshore counsel Seward & Kissell LLP
Offshore counsel Ogier
Offering Document Date May 01, 2012
Corporate Structure Verification Castle Hall confirmed corporate structure to the Fund’s financial
statements.
Corporate Structure Verification Castle Hall confirmed the Fund and Master Fund to the Cayman Islands
Monetary Authority register of entities.
Counsel Verification Castle Hall verified that Seward & Kissell LLP was appointed as onshore
legal counsel and Ogier was appointed as offshore legal counsel for the
Fund and Master Fund.

10. Alpha Partners Ltd OpsVerification OPSDATA FUND
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TERMS OF INVESTMENT
Class A Class B Class C
Share Class Terms
Subscription frequency Monthly Monthly Monthly
Notes
Subscription frequency note (Class A): The Fund allows subscriptions to be paid in cash or in
kind. A subscription in the amount of $43,657,487 was paid effective January 1, 2012 as a
contribution upon liquidation of an affiliated fund which transferred its assets to the ABC master
fund.
Redemptions - Share Class Level
Redemption frequency Quarterly Quarterly Quarterly
Redemption notice period 90 90 90
Redemption gate type Investor Level Investor Level Investor Level
Redemption gate description See note See note See note
Lockup hard 1 year - -
Lockup soft 1 year 1 year -
Holdback percentage 10.0% 10.0% 10.0%
Holdback type Audit Audit Audit
Notes
Redemption gate description (Class A): PPM, page 19: The Fund has a 25% redemption gate at
the share class level (excluding Manager and Partner Shares). Any redemption in excess of this
amount can be scaled back on a pro rata basis and unsatisfied redemption requests will be carried
forward to the next month and will be redeemed in priority to new redemption requests (a “stacked
gate”). We further highlight that a 25% gate on redemption could also be imposed at the Master Fund
level, which could also serve to reduce permitted withdrawal from the Fund.
Redemption gate description (Class B): See Class A for Redemption Gate Description.
Redemption gate description (Class C): See Class A for Redemption Gate Description.

11. OPSDATA CONTROLS
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12. Alpha Partners Ltd OpsVerification OPSDATA CONTROLS
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ADMINISTRATOR
Administrator Citco Fund Services Limited (Jersey City (NJ) / Singapore)
Administrator Verification Castle Hall confirmed Citco’s engagement as administrator.
Administration agreement verification Castle Hall obtained a copy of the administration agreement dated
February 2010.
PRIME BROKERS, CUSTODIANS AND COUNTERPARTIES
Prime Broker Deutsche Bank
Prime Broker Goldman Sachs
Prime Brokers, Custodians and
Counterparties Verification
The Administrator confirmed the existence of the Fund’s prime
brokerage relationships.
Prime Brokers, Custodians and
Counterparties Verification
Castle Hall independently confirmed the counterparty relationship with
Goldman Sachs.
Prime Brokers, Custodians and
Counterparties Verification
Castle Hall independently confirmed the counterparty relationship with
Deutsche Bank.
TRADING CONTROLS
Order management Eze OMS
Portfolio management Excel
Other Risk Management: RiskMetrics

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TRADE FLOW DIAGRAM

14. OPSDATA FINANCIAL REPORTING
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15. Alpha Partners Ltd OpsVerification OPSDATA FINANCIAL REPORTING
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AUDITOR AND AUDIT OPINION
2012 2011 2010
Auditor
Ernst & Young Ernst & Young Ernst & Young
Audit Opinion
Audit opinion addressee Board of Directors Board of Directors Board of Directors
Audit report date 22 April 2013 25 April 2012 28 April 2011
Audit location Grand Cayman, Cayman
Islands
Grand Cayman, Cayman
Islands
Grand Cayman, Cayman
Islands
Qualified No No No
Qualified notes - - -
Auditor and Audit Opinion Verification We highlight that Ernst & Young confirmed that it serves as the auditor for the Fund (and
Master Fund) through a letter received electronically. Ernst & Young has also confirmed that it
issued an audit report dated April 22, 2013 on the financial statements of the Fund (and Master
Fund) for the year ended December 31, 2012 and anticipates auditing the financial statements of
the Fund (and Master Fund) for the year ending December 31, 2013.
Performance track record verification Castle Hall confirmed that the audited financial statements indicate an increase in the net asset
value of Class A shares of 7.63% for the year to December 31, 2013 (based upon comparison with
values reported in the financial statements as of December 31, 2012). This is consistent with the
Manager’s marketing presentation dated February 2014, which reported 2013 performance as
7.6%.

16. Alpha Partners Ltd OpsVerification OPSDATA FINANCIAL REPORTING
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BALANCE SHEET
2012 (USD) 2011 (USD) 2010 (USD)
Assets
Cash and equivalents 81 141 301
Due from brokers 162,808,211 38,833,844 28,665,681
Investment in master fund - - -
Investments (MV) 322,950,047 85,759,253 74,919,009
Investments (cost) 302,994,145 58,178,037 58,448,838
Interest receivable 60,781 26,511 80,749
Dividends receivable - - -
Derivatives - 3,139 126,555
Due from related parties - - -
Other assets 3,600 9,558 9,902
Other assets note - - See note
Balance sheet total assets 485,822,720 124,632,446 103,802,197
Assets note - - -
Other Assets Note
2010 Other asset consist of:
• Other
Liabilities
Due to brokers - - -
Investments short (MV) 104,870,663 12,958,544 11,736,694
Investments short (proceeds) 103,330,702 9,842,742 9,690,953
Derivatives 14,573 43,698 56,974
Redemption payable 4,932,539 3,659,111 3,936,402
Due to related parties 36,537 43,790 26,132
Dividends payable - - -
Interest payable 305,157 - 1,914
Loans - - -
Accrued expenses 125,372 119,151 96,264
Contributions received in advance - - -
Other liabilities - - -

17. Alpha Partners Ltd OpsVerification OPSDATA FINANCIAL REPORTING
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2012 (USD) 2011 (USD) 2010 (USD)
Other liabilities note - - -
Balance sheet total liabilities 110,284,841 16,824,294 15,854,380
Liabilities note - - See note
Liabilities Notes
2010 Due to related parties consists of:
• Incentive fee payable $5,294
• Deferred incentive fee payable $20,838
Equity
GP - - -
LP - - -
Special limited partner - - -
Managing member - - -
Shareholder's equity 375,537,879 107,808,152 87,947,817
Balance sheet total equity 375,537,879 107,808,152 87,947,817
Balance sheet leverage 1.29 1.16 1.18
Equity note - - -

18. Alpha Partners Ltd OpsVerification OPSDATA FINANCIAL REPORTING
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ASSET FLOWS
2012 (USD) 2011 (USD) 2010 (USD)
Opening net assets 107,808,152 87,947,817 58,615,730
Subscriptions / contributions 279,085,636 10,198,594 5,094,188
Withdrawals / redemptions (19,008,791) (18,219,098) (9,718,760)
Adjustment - - -
Adjustment note - - -
Increase and decrease from operations 7,655,882 27,880,839 33,956,659
Closing net assets 375,540,879 107,808,152 87,947,817

19. Alpha Partners Ltd OpsVerification OPSDATA FINANCIAL REPORTING
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PORTFOLIO
2012 (USD) 2011 (USD) 2010 (USD)
Assets
Level 1:
Derivatives 1,847,225 6,392,322 -
Equity 321,756,473 1,748,375 70,672,118
Level 1 total: 323,603,698 8,140,697 70,672,118
Level 2:
Futures Contracts - - 732,175
Bonds 223,665 645,384 -
Level 2 total: 223,665 645,384 732,175
Level 3:
Bonds - - 3,647,183
Level 3 total: - - 3,647,183
Liabilities
Level 1:
Derivatives 116,473 957,367 -
Equity 104,776,859 12,748,574 10,746,223
Level 1 total: 104,893,332 13,705,941 10,746,223
Level 2:
Derivatives - 23,756 56,374
Level 2 total: - 23,756 56,374
Level 3:
Derivatives - - 1,164,533
Level 3 total: - - 1,164,533

20. Alpha Partners Ltd OpsVerification OPSDATA FINANCIAL REPORTING
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INCOME STATEMENT
2012 (USD) 2011 (USD) 2010 (USD)
Income and Gains
Interest income 87,913 164,026 431,128
Dividend income 3,270,856 696,638 236,913
Realised gains 12,145,684 17,891,926 4,751,572
Unrealised gain - 9,930,845 29,360,618
Gains from derivatives - - -
Gains from FX - - -
Other gains - - -
Other gains note - - -
Other income - - 136
Total income and gains 15,504,453 28,683,435 34,780,367
Income note - - -
Expenses and Losses
Realised loss - - -
Unrealised loss 6,023,488 - -
Loss from derivatives - - -
Loss from FX - - -
Depreciation on deferred fees - - -
Other losses - - -
Other losses note - - -
Interest 409 374 37,331
Dividends 910,864 285,826 207,258
Broker and custodian fee 486,787 255,404 358,881
Management fee 6,225 5,198 3,717
Incentive / performance fees 5,232 18,995 6,617
Appreciation on deferred fees - - -
Other investment expense - - -
Admin fees 265,146 117,537 99,512
Audit fees - 25,000 20,000
Legal / professional expenses 150,420 69,262 70,392
Directors fees - 25,000 17,000
Other expenses and losses - - 3,000
Other expenses and losses note - - -

21. Alpha Partners Ltd OpsVerification OPSDATA FINANCIAL REPORTING
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2012 (USD) 2011 (USD) 2010 (USD)
Other expenses - - -
Total expenses and losses 7,848,571 802,596 823,708
Expenses note - - -
Expenses ratio 17.20 bp 24.19 bp 28.64 bp

22. CONTACT
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› castlehallalternatives.com
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